• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 8 hours Its going to be an oil bloodbath
  • 12 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 1 hour Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 2 hours Marine based energy generation
  • 4 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 15 hours The Most Annoying Person You Have Encountered During Lockdown
  • 17 hours Which producers will shut in first?
  • 12 hours Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 6 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 16 hours Cpt Lauren Dowsett
  • 2 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 13 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 17 hours Washington doctor removed from his post, over covid

Breaking News:

IEA: OPEC Can’t Save The Oil Market

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Iran Announces More Naval Exercises in the Straits of Hormuz

Iran Announces More Naval Exercises in the Straits of Hormuz

Earlier in the year the Commander of the Iranian Army’s Ground Forces, Brigadier General Ahmad Reza Pourdastan, stated that they would carry out eight military drills throughout the course of the current Iranian calendar year; which runs from March 21st to March 20th.

Now, the Islamic Revolutionary Guards Corps (IRGC) Navy Commander, Rear Admiral Ali Fadavi, has announced what could be the last set of military operations of the year to occur sometime between now and the 20th of March.

Fadavi told the Iranian student news agency ISNA, that “by the end of the (Iranian) year we will hold an exercise in the Strait of Hormuz and will announce the exact time soon.”

Related Article: How Bad do Sanctions Really Hurt Iran?

Iran has always threatened to block the Straits if it came under any form of military attack due to its controversial nuclear programme. However at the same time other officials have been reported as stating that the Strait will never be closed. Perhaps the threat was merely intended to cause fear and uncertainty in the oil market, sufficient enough to drive up the price of oil during the beginning of the year, and reduce the impact of western sanctions on revenue from Iranian crude exports.

There is a strong western military presence in the Gulf determined to keep the Straits open, and prevent Iran from making any move to restrict traffic. However, Iran has got it into its head that it is their military presence in the region which ensures that the Straits remain open and safe to travel, even when there is no one other than themselves threatening to close the waterway.

Fadavi said that, “we guarantee the oil exports through the Strait of Hormuz on the condition that no military threat is issued against our country because Asia's southeastern countries direly need the region's oil.”

So far Israel has threatened to carry out military action against Iran, and the United States has not denied the possibility.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News